Folks, the daily charts are broken. We know that. The gold "community" is scattering again in the face of whatever it is that prompts these periodic massacres. This update is…
In response to a subscriber’s request, I am pleased to announce the addition of a simple yet helpful new aspect to the NFTRH service that will be of value to subscribers and potential subscribers who do not always have the time or inclination to wade through the whole detailed NFTRH report each week.
The NFTRH service will now include clear, uncluttered charts (as follows) focused on a daily time frame for strategic ETF’s. This is an addition (at no extra charge) to the already well rounded service that includes the detailed weekend letter and interim email/website updates during the week.
We now provide handy and unbiased short to intermediate technical signals for gold (GLD), silver (SLV), gold stocks (GDX), silver stocks (SIL), commodities (DBC), broad US markets (SPY), Europe (EZU), emerging markets (EEM) and China (FXI). ETF content is subject to change as their strategic value changes.
This singular aspect of the new NFTRH represents a clearly defined focus on my most basic management tool and capability, i.e. nominal technical analysis simply portrayed with a clear and concise message that is free of detailed theoretical and opinion content.
In the interest of simplicity there will be little talk of support, resistance, volume and measured objectives in this segment of the service. In short, all we want to know with these charts is ‘are they on bull, bear or neutral signals?’ Very mechanical, very unbiased.
On to our first (complimentary) daily technical report…
GLD is on a bear signal with MACD triggered down, below zero and price below a short term downtrend line and the 50 day moving averages.
Well I am back already… :-) with a couple different views within the precious metals complex today. First, I added some Fib retrace lines to the 5 minute chart shown earlier. The 62% Fib off of the ‘take a poke’ buy zone only adds emphasis to the shaded support area.
Today Jeremy Stein (Fed member) lobbed his .02 into the media with talk about a ‘mechanical taper’ tied to economic data. He joins James Bullard who was out the very day after FOMC’s non-Taper talking about a possible October taper.
HUI has dropped to a thus far 'higher low' to the critical 217 parameter. Gold Bug sentiment is down to 10% by the Sentimentrader data we most often review. The…
Here is what the US Fed did to the currency it is supposedly a steward of yesterday. The USD plunged below an important support level. If this breakdown holds below 80.50, it measures to the mid-70’s. Enter an ‘inflation trade’, in which we’d look to fan out from the precious metals and include other commodity and global stock items.
Well, they rolled over. Unbelievable the lengths they will go to to have us believe they are stewards of a supposedly sound economy. I have my doubts they ever planned to do anything and that Huey, Dooey and Louie (Fisher, Bullard, and whoever Louie is) were just media jawbones after all. The nerve of these people.
HUI has spent the week fooling around in a bear flag, which seems logical with the markets under the spell of FOMC. Everything is just hanging around. If markets start…
The world expects the FOMC to update its expectations regarding a tapering of Treasury bond asset purchases tomorrow. The world thinks that a tapering of these purchases would be bad for gold.
I think a decrease in T bond purchases would be anything from neutral to a potential positive (see post coming later today on the matter). Regardless, it is time to be looking out beyond FOMC with regard to the precious metals, a most sensitive sector to monetary policy.
So here is a check list of what we want to see in order to press the bull stance.
The precious metals are getting sold hard in the face of whatever 'feel good' thing is going on with some 'US may not invade Syria after all' hype. Whatever, it…
With reference to yesterday's bigger picture look at the yield curves, here is a daily view of the 30 year yield vs. the 5 year. The spread made a lower…
As noted, this week's letter was a difficult one because it raised a lot of questions, many of which seem to have opposite implications. Going forward I will try to…
Interest Rates It looks like interest rates could get to target all in one big gulp after all. But the employment report this morning could have a lot to say…
